The expectations of 2017 are through the roof. Whether or not the aspirations are big or small, the one guarantee that 2017 is bringing to us is a heated Real Estate Market. However, as the old saying goes “the past directly affects the future.” To determine what the likely forecast of 2017 will look like in real estate, we have to take into account of the notable, most talked about subject of 2016: The United States Presidential Election. The Election had a small effect on the closing months of the previous year, and will likely have an effect on this year’s market. “... The 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year,” says Jonathan Smoke of realtor.com.
Millennials & Boomers - With the uprising prices of properties, it is believed that first-time buyers will be eliminated from the market due to financial challenges. As Boomers and Millennials could potentially dominate the market, millennials only have 33% of the home-buying pool. Boomers may take only 30% of the buying crowd, but with their financial independence, predictors note that they’ll be the easiest to make a closing on.
New Braunfels Growth - Last year, New Braunfels was named the second fastest growing Texas city. The New Braunfels market has increased significantly within the past two years. However, since the twilight months of 2016, the median listing price has decreased about 13%. While it may be a seasonal drop, this could be potential for buyers looking to live in the Hill Country area.
Inventory, and more - A decline in home supply was seen in different metro areas, nationwide, last year. However, since December, New Braunfels has seen a slight 4% home resale inventory. Much of the market has normalized itself. It is recommended that with the upcoming Spring and Summer seasons - heated real estate periods - that if you’re looking to buy or sell, now’s the time to start looking. Give me a call at 830-515-8788 to help with any real estate endeavors!